What accounting software do you use for real estate holding companies?

[Patrick K.]

I have a main company, that owns a bunch of LLCs, each LLC holds a single real estate asset. 1 of the LLC also acts as a management company for the entire portfolio.

Now it creates a problems that with each LLC, I need to file a tax return each year. and so far I am doing them by excel copying numbers from bank statement, which is a nightmare.

Quickbook online charges $24 each month in Canada, which really adds up with the number of holding LLCs. and I don't feel like what I require from it justify the cost. I literally just need to categorized income and all types of expenses.

Do any of you properties investor have a recommendation on what accounting software to use for these type of set up? or even better is there some tricks to set up quickbook with one account but handling all these companies?

Thank you for your time.

[Thomas Talbert]

Given you also have a management company to do books for I would suggest the more expensive option of getting a management software that has accounting capabilities so that all you would have to keep track of on a spreadsheet is the management company. Simply issue each of your real estate LLC's a 1099 from the management software every year and then handle your management company spreadsheet out of the back end of the PM Software. Door Loop would be my first stop for someone of your size. I have never used it but they are built for something about your size.

Hope this helps!